Questions from Accounting Principles


Q: Tom Epps and Mary Jones are examining the following statement of cash

Tom Epps and Mary Jones are examining the following statement of cash flows for Guthrie Company for the year ended January 31, 2020. Tom claims that Guthrie’s statement of cash flo...

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Q: PepsiCo’s financial statements are presented in Appendix B. Financial statements of

PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca...

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Q: The Institute of Management Accountants (IMA) sponsors a certification for

The Institute of Management Accountants (IMA) sponsors a certification for management accountants, allowing them to obtain the title of Certified Management Accountant. Instructions Go to the IMA web...

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Q: The following is taken from the Colaw Company balance sheet.

The following is taken from the Colaw Company balance sheet. Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for...

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Q: In order to better serve their rural patients, Drs. Joe

In order to better serve their rural patients, Drs. Joe and Rick Parcells (brothers) began giving safety seminars. Especially popular were their “emergency-preparednessâ€&...

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Q: The condensed income statement for the Peri and Paul partnership for 2020

The condensed income statement for the Peri and Paul partnership for 2020 is as follows. A cost behavior analysis indicates that 75% of the cost of goods sold are variable, 42% of the selling expens...

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Q: Natalie has been approached by Ken Thornton, a shareholder of The

Natalie has been approached by Ken Thornton, a shareholder of The Beanery Coffee Inc. Ken wants to retire and would like to sell his 1,000 shares in The Beanery Coffee, which represents 30% of all sha...

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Q: Indicate whether the following statements are true or false. 1

Indicate whether the following statements are true or false. 1. Managerial accounting reports focus on manufacturing and nonmanufacturing costs. 2. Financial accounting reports pertain to subunits of...

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Q: The controller of Rather Production has collected the following monthly expense data

The controller of Rather Production has collected the following monthly expense data for analyzing the cost behavior of electricity costs. Instructions a. Determine the fixed- and variable-cost comp...

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Q: Pargo Company is preparing its master budget for 2020. Relevant data

Pargo Company is preparing its master budget for 2020. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1...

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